The Reserve Bank of Australia (RBA) has increased the cash rate at May’s monetary policy meeting, taking it from 3.60% to 3.85%.

The move comes despite the Australian Bureau of Statistics’ quarterly consumer price index showing annual inflation slowed to 7.0% in the first three months of 2023 from 7.8% in the December quarter.

Please contact us if you’d like to discuss how the RBA’s decision impacts your situation.